Banking transactions through mobile phones have more than trebled to Rs 286 crore during May on account of a higher number of users with hand-held devices.
The value of such transactions stood at Rs 91 crore in May 2011, according to the Reserve Bank.
The number of bank transactions through mobiles also grew over two-and-half times to 3.34 million in May, 2012 from 1.28 million in May, 2011.
As number of mobile phone subscribers are growing rapidly, banks in collaboration with telecom companies are seeking to develop an alternate channel for the delivery of banking services as a part of the financial inclusion programme.
As on May 31, 2012, the RBI has permitted 69 banks to provide mobile banking services to their customers.
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